SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 10-QSB


[X] Quarterly Report Under Section 13 or 15(d) of the Securities Exchange Act of
    1934.

    For the quarterly period ended January 31st, 2002

[ ] Transition Report Under Section 13 or 15(d) of the Exchange Act.

                       Commission file number: 333-38936


                                 UBETIGOLF, INC,
                       D/B/A NEW ENERGY CORPORATION, INC.
        (Exact name of small business issuer as specified in its charter)


             UTAH                                                87-0653434
(State or other jurisdiction                                   (IRS Employer
      of incorporation)                                      Identification No.)


    5685 La Jolla Blvd., La Jolla CA                                92037
(Address of principal executive offices)                         (Zip Code)


5580 La Jolla Blvd., La Jolla CA, Suite 506                      92037-7651
         (Mailing address)                                       (Zip Code)


       Registrant's telephone number, including area code: (619)-615-8647


Check  whether the issuer (1) filed all reports  required to be filed by Section
13 or 15(d) of the Exchange Act during the past 12 months (or for shorter period
that the registrant was required to file such reports), and (2) has been subject
to such filing requirements for the past 90 days. Yes [ ] No [X]


State the number of shares outstanding of each of the issuer's classes of common
equity, as of the last practicable date: 19,677,000 as of March 22nd, 2002.
<PAGE>
ITEM 1. FINANCIAL STATEMENTS

                         UBETIGOLF, INC. AND SUBSIDIARY
                          D/B/A NEW ENERGY CORPORATION
                          (A Development Stage Company)

                  CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

                                JANUARY 31, 2002

                                      INDEX

CONSOLIDATED BALANCE SHEETS                                                    1

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)                              2

CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (UNAUDITED)                     3

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)                              4

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS                                  5-12

ITEM 2.  MANAGEMENT' PLAN OF OPERATION                                     13-16

PART II --- OTHER INFORMATION

ITEM 1.   LEGAL PROCEEDINGS                                                   16

ITEM 2.   CHANGES IN SECURITIES AND USE OF PROCEEDS                           16

ITEM 3.    DEFAULTS UPON SENIOR SECURITIES                                    17

ITEM 4.    SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS                17

ITEM 5.    OTHER INFORMATION                                                  17

ITEM 6.    EXHIBITS AND FORMS ON FORM 8K                                   17-18

<PAGE>
                         UBETIGOLF, INC. AND SUBSIDIARY
                          D/B/A NEW ENERGY CORPORATION
                          (A Development Stage Company)
                           CONSOLIDATED BALANCE SHEETS

<TABLE>
<CAPTION>
                                                                      January 31,   October 31,
                                                                         2002          2001
                                                                       --------      --------
                                                                      (Unaudited)
<S>                                                                    <C>           <C>
    ASSETS
CURRENT ASSETS
    Cash and cash equivalents                                          $  7,832      $     --
    Inventory                                                            10,000        10,000
    Due from related party                                               59,130            --
                                                                       --------      --------
       Total current assets                                              76,962        10,000

    Other assets                                                          1,578            --
                                                                       --------      --------

       TOTAL ASSETS                                                    $ 78,540      $ 10,000
                                                                       ========      ========

    LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
    Accounts payable and accrued expenses                              $ 32,490      $  2,500
                                                                       --------      --------

COMMITMENTS AND CONTINGENCIES                                                --            --

STOCKHOLDERS' EQUITY
    Common stock, $0.001 par value; 100,000,000 shares authorized,
     19,677,000 and 16,002,000 shares issued and outstanding             19,677        16,002
    Additional paid-in capital                                           (9,677)       (6,002)
    Equity (deficit) accumulated during the development stage            36,050        (2,500)
                                                                       --------      --------
       Total stockholders' equity                                        46,050         7,500
                                                                       --------      --------

       TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY                      $ 78,540      $ 10,000
                                                                       ========      ========
</TABLE>

               The accompanying notes are an integral part of the
                       consolidated financial statements.

                                      - 1 -
<PAGE>
                         UBETIGOLF, INC. AND SUBSIDIARY
                          D/B/A NEW ENERGY CORPORATION
                          (A Development Stage Company)
                CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)



                                                                    Cumulative
                                                                  From Inception
                                                 For the Three     September 24,
                                                 Months Ended         2001 to
                                                  January 31,       January 31,
                                                      2002             2002
                                                    -------          -------

REVENUE                                             $79,100          $79,100

COST OF SALES                                            --               --
                                                    -------          -------

GROSS PROFIT                                         79,100           79,100

General and administrative expenses                 (30,690)         (33,190)
                                                    -------          -------

INCOME FROM OPERATIONS BEFORE
  PROVISION FOR INCOME TAXES                         48,410           45,910

PROVISION FOR INCOME TAXES                           (9,860)          (9,860)
                                                    -------          -------

NET INCOME                                          $38,550          $36,050
                                                    =======          =======

NET INCOME PER COMMON SHARE

  Basic and diluted                                 $  0.00          $  0.00
                                                    =======          =======

              The accompanying notes are an integral part of these
                       consolidated financial statements.

                                      - 2 -
<PAGE>
                         UBETIGOLF, INC. AND SUBSIDIARY
                          D/B/A NEW ENERGY CORPORATION
                          (A Development Stage Company)
           CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (UNAUDITED)
                   FOR THE THREE MONTHS ENDED JANUARY 31, 2002

<TABLE>
<CAPTION>
                                                                                  Equity (Deficit)
                                                                                    Accumulated
                                              Common Stock          Additional       During the
                                      -------------------------       Paid-in       Development
                                        Shares         Amount         Capital          Stage          Total
                                      ----------     ----------     ----------      ----------      ----------
<S>                                   <C>            <C>            <C>             <C>             <C>
Balance at October 31, 2001
  adjusted to reflect outstanding
  shares of New Energy
  Corporation                         16,002,000     $   16,002     $   (6,002)     $   (2,500)     $    7,500

Acquisition of net assets of
  UBETIGOLF, Inc. (Unaudited)          3,675,000          3,675         (3,675)             --              --

Net income (Unaudited)                        --             --             --          38,550          38,550
                                      ----------     ----------     ----------      ----------      ----------

Balance at
  January 31, 2002 (Unaudited)        19,677,000     $   19,677     $   (9,677)     $   36,050      $   46,050
                                      ==========     ==========     ==========      ==========      ==========
</TABLE>

               The accompanying notes are an integral part of the
                       consolidated financial statements.

                                      - 3 -
<PAGE>
                         UBETIGOLF, INC. AND SUBSIDIARY
                          D/B/A NEW ENERGY CORPORATION
                          (A Development Stage Company)
                CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

<TABLE>
<CAPTION>
                                                                             Cumulative
                                                                           From Inception
                                                         For the Three      September 24,
                                                         Months Ended         2001 to
                                                          January 31,        January 31,
                                                             2002               2002
                                                           --------           --------
<S>                                                        <C>                <C>
CASH FLOWS FROM OPERATING ACTIVITIES
     Net income                                            $ 38,550           $ 36,050
Adjustments to reconcile net income to net cash
  provided by operating activities:
     Increase in due from related party                     (59,130)           (59,130)
     Increase in accounts payable and accrued expenses       29,990             32,490
                                                           --------           --------

Net cash provided by operating activities                     9,410              9,410
                                                           --------           --------

CASH FLOWS FROM INVESTING ACTIVITIES:
     Other assets                                            (1,578)            (1,578)
                                                           --------           --------


NET INCREASE IN CASH AND CASH EQUIVALENTS                     7,832              7,832

CASH AND CASH EQUIVALENTS - BEGINNING                            --                 --
                                                           --------           --------

CASH AND CASH EQUIVALENTS - ENDING                         $  7,832           $  7,832
                                                           ========           ========

SUPPLEMENTAL DISCLOSURE OF
 CASH FLOW INFORMATION:
CASH PAID FOR:
     Interest expense                                      $     --           $     --
                                                           ========           ========
     Income taxes                                          $     --           $     --
                                                           ========           ========
</TABLE>

NON-CASH INVESTING AND FINANCING ACTIVITY

   During  September  2001,  inventory  valued at $10,000 was contributed to the
   Company for 10,002,000  shares of the Company's  common stock as adjusted for
   reverse acquisition (see Notes 1 and 2).

               The accompanying notes are an integral part of the
                       consolidated financial statements.

                                      - 4 -
<PAGE>
                         UBETIGOLF, INC. AND SUBSIDIARY
                          D/B/A NEW ENERGY CORPORATION
                          (A Development Stage Company)
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                JANUARY 31, 2002


NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

     BASIS OF PRESENTATION

     The accompanying  consolidated  financial  statements have been prepared in
     accordance  with  accounting  principles  generally  accepted in the United
     States  of  America  for  interim   financial   information  and  with  the
     instructions  to Form 10-QSB and Regulation S-B.  Accordingly,  they do not
     include  all  of the  information  and  footnotes  required  by  accounting
     principles  generally accepted in the United States of America for complete
     financial  statements.  In  the  opinion  of  management,  all  adjustments
     (consisting only of normal recurring adjustments)  considered necessary for
     a fair presentation have been included.

     For further  information,  refer to the financial  statements and footnotes
     included in Form 8-K for the period ending October 31, 2001.

     The accompanying  consolidated financial statements include the accounts of
     UBETIGOLF,  Inc., incorporated under the laws of the State of Utah on April
     25,  2000  (the  "Company")  and its  100%  owned  subsidiary,  New  Energy
     Corporation  ("NECO"),   incorporated  under  the  laws  of  the  State  of
     California on September 24, 2001.  The Company is currently  doing business
     as New Energy Corporation.

     On November 18, 2001, UBETIGOLF,  Inc. ("UBET") entered into an Acquisition
     Agreement  ("the  Agreement")  with NECO,  whereby  the  Company  exchanged
     10,002,000  newly issued shares of its restricted  common stock  (1,667,000
     pre six for one stock  split) or 50.83% of its shares in exchange  for 100%
     of the outstanding common stock of NECO. Concurrent with the Agreement, the
     sole shareholder of NECO purchased 6,000,000 shares of the Company's common
     stock  (1,000,000  pre-six for one stock split) from a shareholder  of UBET
     bringing NECO's shareholder's controlling interest to 81.32%.

     This  merger  transaction  has  been  accounted  for  in  the  consolidated
     financial  statements  as a  reverse  acquisition.  As  a  result  of  this
     transaction,  the former shareholders of NECO acquired or exercised control
     over a majority of the shares of UBET.  Accordingly,  the  transaction  has
     been  treated  for  accounting  purposes  as a  recapitalization  of  NECO;
     therefore, these consolidated financial statements represent a continuation
     of NECO, not UBET, the legal survivor (see Note 2 - Reorganization).

     The Company has limited  operations and is still in the development  stage.
     The  Company  has also  been  part of an SEC  inquiry  (see  Note 5).  This
     situation raises substantial doubt about its ability to continue as a going
     concern. The accompanying  consolidated financial statements do not include
     any adjustments  relative to the recoverability and classification of asset
     carrying amounts or the amount and classification of liabilities that might
     result  from the  outcome  of this  uncertainty.  Management  is  currently
     initiating  their  business  plan  and in the  process  raising  additional
     capital.

                                      - 5 -
<PAGE>
                         UBETIGOLF, INC. AND SUBSIDIARY
                          D/B/A NEW ENERGY CORPORATION
                          (A Development Stage Company)
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                JANUARY 31, 2002


NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

     LINE OF BUSINESS

     The Company is currently  preparing its operations to produce  electric and
     thermal energy from Solar  Generators  that are  manufactured  by a service
     provider.  The Company will sell the energy produced to host customers that
     sign 10 to 20 year energy  purchase  agreements.  The Company  will collect
     free  sunlight  and earn  income  from  host  customers  who  receive a 20%
     discount off retail utility rates for electricity  and thermal energy.  The
     Company  additionally will develop funding sources to fulfill host customer
     orders for Solar Generators, and will lease and sell solar generators.

     USE OF ESTIMATES

     The  preparation  of financial  statements  in conformity  with  accounting
     principles  generally  accepted  in the United  States of America  requires
     management  to make  estimates  and  assumptions  that affect the  reported
     amounts of assets and liabilities  and disclosure of contingent  assets and
     liabilities  at the  date of the  financial  statements  and  the  reported
     amounts of revenue and expenses during the reporting period. Actual results
     could differ from those estimates.

     CASH AND CASH EQUIVALENTS

     The Company considers all highly liquid investments purchased with original
     maturities of three months or less to be cash equivalents.

     INVENTORY

     Inventory is stated at the lower of cost or market  utilizing the first-in,
     first-out  method  ("FIFO").  As of January 31,  2002,  a  shareholder  has
     contributed  inventory to the Company  consisting of solar energy parts. In
     accordance  with Staff  Accounting  Bulletin No. 48, the Company valued the
     transaction  at the  shareholder's  cost  of the  inventory  which  totaled
     $10,000. Subsequent to year-end, the inventory was physically observed, and
     the test counts attested to, by a Certified Public Accountant.

     INCOME TAXES

     Income taxes are provided for based on the  liability  method of accounting
     pursuant to Statement of Financial  Accounting  Standards ("SFAS") No. 109,
     "Accounting for Income Taxes."  Deferred income taxes, if any, are recorded
     to reflect the tax consequences on future years of differences  between the
     tax bases of assets and liabilities and their financial  reporting  amounts
     at each year-end.

                                      - 6 -
<PAGE>
                         UBETIGOLF, INC. AND SUBSIDIARY
                          D/B/A NEW ENERGY CORPORATION
                          (A Development Stage Company)
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                JANUARY 31, 2002


NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

     STOCK-BASED COMPENSATION

     SFAS No. 123, "Accounting for Stock-Based  Compensation,"  encourages,  but
     does not require  companies  to record  compensation  cost for  stock-based
     employee  compensation  plans at fair  value.  The  Company  has  chosen to
     continue to account for stock-based  compensation using the intrinsic value
     method   prescribed  in  Accounting   Principles   Board  Opinion  No.  25,
     "Accounting  for Stock Issued to Employees,"  and related  interpretations.
     Accordingly, compensation cost for stock options is measured as the excess,
     if any, of the quoted  market price of the  Company's  stock at the date of
     the grant over the amount an employee must pay to acquire the stock.

     LOSS PER SHARE

     SFAS No. 128, "Earnings Per Share" requires  presentation of basic loss per
     share  ("Basic  LPS") and  diluted  loss per  share  ("Diluted  LPS").  The
     computation  of basic loss per share is computed by dividing loss available
     to common stockholders by the weighted-average number of outstanding common
     shares  during  the  period.  Diluted  LPS  gives  effect  to all  dilutive
     potential common shares  outstanding and all shares held in treasury during
     the period.  The  computation  of diluted  LPS does not assume  conversion,
     exercise  or  contingent   exercise  of  securities   that  would  have  an
     anti-dilutive effect on losses.

     The shares used in the  computation of loss per share, at January 31, 2002,
     were as follows:

     Basic and diluted                                 19,677,000
                                                       ==========

     RECENT ACCOUNTING PRONOUNCEMENTS

     On June 29, 2001, SFAS No. 141,  "Business  Combinations,"  was approved by
     the Financial Accounting Standards Board ("FASB"),  which requires that the
     purchase  method  of  accounting  be  used  for all  business  combinations
     initiated after June 30, 2001.  Goodwill and certain intangible assets will
     remain on the balance sheet and not be amortized.  On an annual basis,  and
     when there is reason to suspect that their values have been  diminished  or
     impaired,  these assets must be tested for impairment,  and write-downs may
     be necessary.  The Company is required to implement SFAS No. 141 on January
     1, 2002 and it has not determined  the impact,  if any, that this statement
     will have on its consolidated financial position and results of operations.

     On June 29, 2001, SFAS No. 142, "Goodwill and Other Intangible Assets," was
     approved by the FASB,  which  changes the  accounting  for goodwill from an
     amortization  method  to  an  impairment-only  approach.   Amortization  of
     goodwill,  including goodwill recorded in past business combinations,  will
     cease upon adoption of this statement. The Company is required to implement
     SFAS No. 142 on January 1, 2002 and it has not  determined  the impact,  if
     any, that this statement will have on its consolidated  financial  position
     and results of operations.

                                      - 7 -
<PAGE>
                         UBETIGOLF, INC. AND SUBSIDIARY
                          D/B/A NEW ENERGY CORPORATION
                          (A Development Stage Company)
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                JANUARY 31, 2002


NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

     RECENT ACCOUNTING PRONOUNCEMENTS (continued)

     In October  2001,  the FASB  issued  SFAS No.  143,  "Accounting  for Asset
     Retirement  Obligation."  SFAS  No.  143  is  effective  for  fiscal  years
     beginning  after June 15,  2002,  and will  require  companies  to record a
     liability for asset retirement  obligations in the period in which they are
     incurred,  which typically could be upon completion or shortly  thereafter.
     The FASB decided to limit the scope to legal  obligation  and the liability
     will be recorded at fair value.  The effect of adoption of this standard on
     the Company's results of consolidated operations and financial positions is
     being evaluated.

     In  October  2001,  the FASB  issued  SFAS  No.  144,  "Accounting  for the
     Impairment or Disposal of Long-Lived Assets." SFAS No. 144 is effective for
     fiscal  years  beginning  after  December  15,  2001.  It provides a single
     accounting model for long-lived  assets to be disposed of and replaces SFAS
     No. 121 "Accounting for the Impairment of Long-Lived  Assets and Long-Lived
     Assets to Be Disposed  Of." The effect of adoption of this  standard on the
     Company's  consolidated  results of operations  and financial  positions is
     being evaluated.

NOTE 2 - REORGANIZATION

     As  discussed  in  Note 1, on  November  18,  2001,  UBET  entered  into an
     Agreement with NECO, whereby the Company exchanged  10,002,000 newly issued
     shares of its  restricted  common  stock  (1,667,000  pre-six for one stock
     split) or 50.83% of its  shares  in  exchange  for 100% of the  outstanding
     common stock of NECO.  Concurrent with the Agreement,  the sole shareholder
     of NECO purchased 6,000,000 shares of the Company's common stock (1,000,000
     pre-six for one stock split) from a  shareholder  of UBET  bringing  NECO's
     shareholder's controlling interest to 81.32%.

     Prior to the  agreement,  UBET  transferred  its golf software asset to its
     previous president and as consideration  cancelled 30,000,000 shares of the
     Company's common stock  (5,000,000 pre six for one stock split)  previously
     issued  to the  former  president.  The  total  common  shares  issued  and
     outstanding  after  transfer  of the golf  software  assets  and before the
     acquisition of New Energy Corporation was 9,675,500 common shares.

     This  merger  transaction  has  been  accounted  for  in  the  consolidated
     financial  statements  as a  public  shell  merger.  As a  result  of  this
     transaction,  the former shareholders of NECO acquired or exercised control
     over a majority of the shares of UBET.  Accordingly,  the  transaction  has
     been  treated  for  accounting  purposes  as a  recapitalization  of  NECO;
     therefore, these financial statements represent a continuation of the legal
     entity,  NECO,  not  UBET,  the  legal  survivor.  Because  the  historical
     financial  statements  are  presented  in this manner,  proforma  financial
     statements are not required.

                                      - 8 -
<PAGE>
                         UBETIGOLF, INC. AND SUBSIDIARY
                          D/B/A NEW ENERGY CORPORATION
                          (A Development Stage Company)
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                JANUARY 31, 2002


NOTE 2 - REORGANIZATION (Continued)

     In accounting for this transaction:

          i)   NECO is deemed to be the  purchaser  and  surviving  company  for
               accounting purposes.  Accordingly, its net assets are included in
               the balance sheet at their historical book values; and

          ii)  Control  of the net  assets  and  business  of UBET was  acquired
               effective  November 18, 2001. This transaction has been accounted
               for as a purchase of the assets and  liabilities of UBET by NECO.
               The historical cost of the net assets acquired was $-0-.

NOTE 3 - RELATED PARTY TRANSACTIONS

     The Company has related party  transactions  with  officers,  directors and
     other related parties as follows:

     DUE FROM RELATED PARTY/SALE TO RELATED PARTY

     The Company has a related party  receivable  totaling $59,130 from Megawatt
     Energy  Corporation  ("MegaWatt");  a  company  owned  60% by the  majority
     shareholder  of the Company (see Note 6). This  receivable  is derived from
     the  Company  selling  certain  inventory  to  MegaWatt  for  $79,100.  The
     inventory    consisted   of   Fresnel   acrylic    concentration    lenses,
     electro-thermal high concentration receivers and computer tracking systems.
     Management  believes this  transaction with MegaWatt was at arms length and
     under terms no less  favorable  to the Company  and at a  negotiated  price
     comparable to those of transactions with other customers.

     JOINT MARKETING AGREEMENT - TECHNOLOGY LICENSE AGREEMENT

     The Company  also  entered into a 20 year Joint  Marketing  Agreement  with
     MegaWatt on November 18, 2001 whereby the Company will market certain solar
     generators for MegaWatt.

     The agreement called for participation in the revenue as follows:

          a)   MegaWatt is to receive  70% of gross  revenues  derived  from the
               sale of any and all solar generators; and

          b)   The Company is to receive 30% of gross revenues  derived from the
               sale of any and all solar generators.

     The Joint Marketing  Agreement was terminated by mutual  agreement  between
     the Company and MegaWatt  subsequent  to January 31, 2002 and replaced by a
     Technology-License  Agreement.  No revenue was derived  from the  Marketing
     Agreement (see Note 6).

                                      - 9 -
<PAGE>
                         UBETIGOLF, INC. AND SUBSIDIARY
                          D/B/A NEW ENERGY CORPORATION
                          (A Development Stage Company)
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                JANUARY 31, 2002


NOTE 4 - INCOME TAXES

     For the period from September 24, 2001 (inception) to January 31, 2002, the
     components of the provision for income taxes were as follows:

     Current Tax Expense
         U.S. Federal                                             $  7,300
         State and Local                                             3,135
                                                                  --------
     Total Current                                                  10,435
                                                                  --------

     Deferred Tax Expense
         U.S. Federal                                                 (375)
         State and Local                                              (200)
                                                                  --------
     Total Deferred                                                   (575)
                                                                  --------

     Total Tax Provision                                          $  9,860
                                                                  ========

     The  reconciliation  of the  effective  income  tax  rate  to  the  Federal
     statutory rate is as follows:

     Federal Income Tax Rate                                          15.0%
     Deferred Tax Charge (Credit)                                     (1.0%)
     State Income Tax, net of Federal Benefit                          6.4%
                                                                     -----

     Effective Income Tax Rate                                        20.4%
                                                                     =====

NOTE 5 - COMMITMENTS AND CONTINGENCIES

     OPERATING LEASES

     During January 2002,  the Company  entered into a 5-year lease in La Jolla,
     California, for the corporate offices. The monthly rental is $1,578. Yearly
     increases are based on an index formula.

     ENERGY PURCHASE AGREEMENT

     On January 3, 2002, the Company  entered into a Energy  Purchase  Agreement
     with Andrew M. Martin Co.,  Inc.  ("AMC")  whereby AMC wishes to avoid high
     energy costs and agrees to purchase  energy produced by the Company's solar
     electro-thermal  generating  equipment,  sub-systems,  recording meters and
     interconnect (the "Solar Generator") at a 20% below prevailing energy rates
     charged by the local public utility company for a term of 60 months with an
     option for a second 60 month term at a 30%  discount.  No revenue  has been
     earned under this agreement as of January 31, 2002.

                                     - 10 -
<PAGE>
                         UBETIGOLF, INC. AND SUBSIDIARY
                          D/B/A NEW ENERGY CORPORATION
                          (A Development Stage Company)
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                JANUARY 31, 2002


NOTE 5 - COMMITMENTS AND CONTINGENCIES (Continued)

     SECURITY AND EXCHANGE COMMISSION ACTION

     The Commission filed a complaint on February 1, 2002,  alleging  securities
     violations  against the Company,  (also referred to as "New  Energy");  Tor
     Ewald, an officer and majority shareholder of the Company;  MegaWatt,  also
     under majority control of Tor Ewald;  Geneva Financial Ltd.  ("Geneva"),  a
     Nevis  corporation;  Marcelino  Colt  ("Colt"),  a  Panamanian  citizen who
     resides in Panama and Mexico and is the President, Secretary, and Treasurer
     of Geneva;  Magnum  Financial  Group LLC ("Magnum"),  a California  limited
     liability  company based in Los Angeles,  California,  which is a financial
     communications, corporate development, and financial advisory firm; Stratos
     Research  L.L.C.  ("Stratos"),  a financial  research  firm that focuses on
     micro-cap  companies  which  publishes its research on its Internet site at
     www.stratosresearch.com  and is affiliated with Magnum.  Magnum and Stratos
     share the same  address  and  telephone  numbers.  Michael  S.  Manahan,  a
     resident of Harbor  Springs,  California,  is the President of Magnum;  and
     other individuals and entities.

     The Commission alleged that the conduct of Colt, Geneva, Ewald, New Energy,
     Manahan,  and Magnum  violated the antifraud  provisions of the  securities
     laws,  and sought  injunctive  relief,  disgorgement  of ill-gotten  gains,
     prejudgment interest, and civil penalties.

     The Commission's  complaint alleged that Colt orchestrated the manipulative
     scheme,  including the hiring of Magnum to post a false and  misleading buy
     recommendation,  the  distribution  of  mass  e-mails  or  spam  containing
     fraudulent  statements,  issuing a false and misleading press release,  and
     placing the release onto New Energy's website.

     On  February  19,  2002,  New Energy and Ewald  entered  into a  settlement
     agreement  with the  Commission.  New Energy and Ewald were  enjoined  from
     future  violations of the antifraud  provisions of the Securities  Exchange
     Act of 1934, Section 10(b) and Rule 10B-5 thereunder.  New Energy and Ewald
     consented to the entry of the  Judgments  without  admitting or denying the
     commission's allegations. Neither New Energy nor Tor Ewald were required to
     pay any type of monetary penalty.

     Pursuant to the consent of other parties, the Court entered a limited asset
     freeze  against  relief  defendants  York Chandler  ("Chandler")  and Burke
     Maxfield, a former officer and director of the Company,  ("Maxfield").  The
     Court froze $82,500 of Chandler's  assets and $159,250 of Maxfield's assets
     pending the final resolution of the  commission's  action against them. The
     amounts allegedly represent ill-gotten gains from trading New Energy.

                                     - 11 -
<PAGE>
                         UBETIGOLF, INC. AND SUBSIDIARY
                          D/B/A NEW ENERGY CORPORATION
                          (A Development Stage Company)
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                JANUARY 31, 2002


NOTE 6 - SUBSEQUENT EVENTS

     As a result of the Securities and Exchange  Commission  action, the Company
     on March  11,  2002,  entered  into a  consent  decree  and its  stock  was
     suspended  for a 10-day  period (see Note 5). The Company  does not have to
     pay any penalty.  The Company  consented  without  admitting or denying the
     allegations of the complaint to the entry of an injunction  against it from
     violating the federal securities laws of the SEC.

     On March 20,  2002,  the Company and  MegaWatt  entered  into a  Technology
     License  Agreement,  which will remain in effect through December 31, 2025,
     with two  successive and equal  renewable  terms.  The  Technology  License
     Agreement  provides  the Company with the right to purchase  certain  solar
     generators at favorable terms.

     During April 2002,  the principal  shareholder  of the Company  transferred
     52,000  shares of his ownership in MegaWatt to other  non-related  parties.
     This reduced the principal  shareholder's ownership position in MegaWatt to
     8%.

     AES  NewEnergy  filed  suit in the  United  States  District  Court for the
     Central  District of California  alleging  trademark  infringement in early
     2002.  (Case  Number  02-00627-DDP-CTx)  NECO has entered into a settlement
     agreement  with AES  NewEnergy,  agreeing not to use the name "New Energy",
     among other provisions.

                                     - 12 -
<PAGE>
ITEM 2. MANAGEMENT'S PLAN OF OPERATION

This report contains  forward-looking  statements  within the meaning of Section
27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act
of 1934. Actual results and events could differ materially from those projected,
anticipated,  or implicit, in the forward-looking  statements as a result of the
risk factors set forth below and elsewhere in this report. With the exception of
historical matters,  the matters discussed herein are forward looking statements
that involve risks and uncertainties.

     The following  discussion  should be read in conjunction with the financial
statements  of the  Registrant  and notes  thereto  contained  elsewhere in this
report.

BUSINESS STRATEGY

     On November 18, 2001,  UBETIGOLF Inc. executed an agreement to acquire 100%
of the issued stock of New Energy  Corporation.  New Energy Corporation became a
wholly owned  subsidiary  as of the date of closing.  The existing  officers and
directors of the company  appointed John McDonald,  Matt Rogers and Tor Ewald as
Directors of the Company and resigned  effective the closing of the transaction.
The Company has been transacting business under the name, New Energy Corporation
("NECO").  The Company is  currently in the process of changing its name to NECO
Energy Corp.

     The Company plans to sell the energy  produced to host  customers that sign
multiple five (5) year Energy Purchase Agreements (EPA's).  The Company plans to
collect free sunlight and hopes to earn income from host customers who receive a
20% discount of delivered  energy rates when compared to retail  utility  prices
for electricity and thermal energy.  The Company  additionally  develops funding
sources to fulfill host customer  orders for Solar  Generators.  The Company may
sell Solar Electro-Thermal Generators in lieu of selling energy.

     HIGH CONCENTRATION PHOTOVOLTAIC ("HCPV") SOLAR GENERATOR PRODUCT LINE: HCPV
Solar Generators  utilize miniature  1/4"-square  concentrator  gallium-arsenide
solar chips that yield between 15 and 20 Watts electric  energy per chip.  There
are two types of solar electric/thermal  generators offered by the Company - one
that reflects  sunlight and one that refracts  sunlight.  The reflection  system
houses the solar chips in a mirrored  parabola that reflects the sunlight onto a
string of solar chips mounted on a cooling channel - which is how thermal energy
is also collected.  The refraction system utilizes a Fresnel lens to concentrate
the Sun's rays - up to 500 times - onto a string of solar  chips  mounted on the
cooling channel. A Dual Axis Tracking system enables the HCPV Solar Generator to
receive  perpendicular  solar radiation  producing energy 30% more hours per day
and at a higher rate of energy  production per hour than  stationary  (fixed) or
non-tracking systems.

                                     - 13 -
<PAGE>
     The NECO  product  line  consists of 14 systems.  3  Residential  Systems -
ranging from 2.5kW to 5.5kW, 3 Commercial  Systems - ranging from 25kW to 100kW,
4 Industrial  Systems - ranging from 250kW to 5MW and 4 Utility  Scale Systems -
ranging from 50MW to 1,000MW (1 GigaWatt).

     NECO purchases its  proprietary  HCPV Solar  Generators from its Technology
Licensor,  MegaWatt Energy Corporation.  NECO has a Technology License Agreement
with MegaWatt Energy for a proprietary NECO HCPV Solar Generator product line

     Under terms of the License  Agreement,  NECO fulfills  customer orders on a
partial  up front  payment  from  funding  sources,  which are  guaranteed  100%
recovery of payment via in-place government rebates.

     The balance of the payment is deferred based on equipment  sales,  lease or
energy  purchase  revenues that are derived from  Customers.  NECO  sells/leases
solar generators or both electric and thermal (where  applicable)  energy to the
Customer and disburses a portion of the realized revenues to the funding sources
and to pay its Technology Licensor/Manufacturer, MegaWatt Energy Corporation for
factory financing.

     Currently, the Company's HCPV Solar Generator provider is in the process of
manufacturing   solar  generator   systems  to  fulfill   initial   installation
requirements.  The Company  owns an  inventory  consisting  of  component  parts
inventory to produce enough HCPV Solar  Generators to generate over 2 MegaWatts.
The Company has interest  from a number of  Customers  to purchase  electric and
thermal energy  contingent upon the installation of HCPV Solar  Generators.  The
Company  is in the  process  of  developing  funding  sources  to  complete  the
installation of Solar  Generators at the sites under contract.  These funds will
be raised through various financial arrangements including federal and state tax
incentives,  state  rebates  and  revenue  participation  programs.  The Company
believes it has  sufficient  inventory to generate cash reserves by selling such
inventory to MEC. The Company believes that the sale of such inventory should be
sufficient  to meet its  operational  overhead for the next calendar  year.  The
Company  intends to fund the Company's  business  plan from future  revenues and
equity financing.

EMPLOYEES

     The Company has three  employees,  John McDonald,  President;  Matt Rogers,
Vice-President  and Tor Ewald,  Secretary/Treasurer.  The Company  utilizes  the
services of MegaWatt Energy Corporation  engineers as per the Technology License
Agreement  to  assist  with  business  development,  financial  development  and
business strategy.

                                     - 14 -
<PAGE>
RESULTS OF OPERATIONS

     Since the date of the  acquisition of New Energy  Corporation,  the Company
began  engaging  in start-up  operations  including  organizational  activities,
capital  acquisition,  promotional  and  sales  efforts  and  initial  equipment
deployment.  HCPV  solar  generator  systems  have  been  ordered  for five host
Customer sites for installation.  Existing  contracts  include:  (A) 4 MegaWatts
ordered from MEC by Distributive  Power Services  ("DPS") which were assigned to
NECO; (B) 300 kW for Andrew Martin Corporation.

     The Company has a related party  receivable  totaling $59,130 from Megawatt
Energy Corporation ("MegaWatt");  a company that was then 60% owned by Tor Ewald
at the time of the  transaction.  This  receivable  is derived  from the Company
selling certain  inventory to MegaWatt for $79,100.  The inventory  consisted of
Fresnel  acrylic  concentration   lenses,   electro-thermal  high  concentration
receivers and computer  tracking systems.  Management  believes this transaction
with  MegaWatt  was at arms  length  and under  terms no less  favorable  to the
Company and at a negotiated price comparable to those of transactions with other
customers.

     General and  administrative  expenses  totaled $30,690 for the three months
ended January 31, 2002. Most of these expenses related to professional  fees and
costs.


LIQUIDITY AND CAPITAL RESOURCES

     Operating  expenses  average $15,000 per month and have been paid from cash
reserves.  The Company hopes to arrange  additional  financing through a private
placement  offering in the upcoming year.  Management is also communicating with
several  funding  sources,   utilizing  government  tax  incentive  and  subsidy
programs,  for the placement of HCPV Solar Generators at host customer sites. In
the  event  this  offering  is not  sold or  completed,  capital  resources  for
operations  and  production is expected to be provided by  short-term  financing
derived from the State and municipal buy-down (rebate)  programs.  Various solar
rebate  applications  have  been made and are  currently  being  processed.  The
interim  short-term  financing is  available  from  several  sources,  including
leasing companies, subject to financial statements provided by Customers.

     In the event the Company is not able to achieve requisite equity funding it
seeks, in part or whole, management is of the view that Company-owned inventory,
capable of producing  over 2 MegaWatts of Solar  Generators  will be utilized to
fulfill Customer orders, and will generate adequate retained earnings to finance
NECO for market penetration and expansion.  However,  there is no assurance that
the Company will be able to sell this inventory,  or that the revenues generated
from the sale of such  inventory will be sufficient to maintain the Company as a
going concern.

ADDITIONAL RISK FACTORS

     In the event the  Company:  (a) fails to make  delivery  of its HCPV  Solar
Generators in a timely manner;  (b) is unable to access adequate funding sources
to fulfill  partial up front payments for Customer  orders;  or, (c) realizes an
unforeseen  market or  technological  advent;  the  Company may find itself in a
liquidity and capital  resource crises from which it cannot recover and, (d) The
Parts  Inventory  is not  insured.  The  Solar  Parts  Inventory  is stored in a
warehouse in Mexico.  The facility has personnel  working  during the day and is
guarded 24 hours a day.  The  warehouse  is made of cement and metal and the raw
materials  used to create the Parts  Inventory  are  silicon,  steel,  ceramics,
various types of metal wire and metal casings. Although the warehouse is located
on an  escarpment  above the majority of Tijuana,  high rain may cause damage to
some of the Inventory.  Fire may also cause damage to the Inventory. The effects
of one or both of these occurrences,  or any other unforeseen event, would cause
the Company to purchase  additional  parts  inventory and components in order to
have  manufactured  and delivered Solar  Generators for sale or for installation
and subsequent sale of energy to Customers.

                                     - 15 -
<PAGE>
DESCRIPTION OF PROPERTY

     NECO  maintains  their  offices at 5685 La Jolla  Boulevard,  La Jolla,  CA
92037.  The  Company  holds a lease  for the  term of one  year  with  one  year
renewable, the lease having commenced on February 1, 2002. (See exhibit 10.1)

     NECO has a solar parts inventory, once assembled, is capable of producing 2
MegaWatts  of energy  per hour.  These  solar  parts are  currently  stored in a
warehouse in Mexico.

PART II -- OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

SEC LITIGATION

     On January 18th, 2002, the Securities and Exchange  Commission  temporarily
suspended  trading of the Company's stock for a 10 day period.  On February 1st,
2002,  the  Commission  filed a complaint  against the  Company,  the  Company's
Secretary and Treasurer, Tor Ewald, Burke Maxfield, the Company's former officer
and director,  as well as other parties that  facilitated the acquisition of New
Energy and various  other  relief  defendants  and  promoters.  (Securities  and
Exchange  Commission v. New Energy Corp., et al. Civil Action No.  CV-02-989-MMM
(C.D. Cal) Copies of complaint can be seen at SEC's website: www.sec.gov.

     The Company,  and Tor Ewald,  have  entered into a final  judgment in which
they consented, without admitting or denying the allegations of the complaint to
the entry of an injunction against it from violating the federal securities laws
in the future.  Neither the Company nor Mr. Ewald, were required to pay any type
of penalty.

AES NEW ENERGY VS. NEW ENERGY CORP.

     AES  NewEnergy  filed  suit in the  United  States  District  Court for the
Central District of California  alleging  trademark  infringement in early 2002.
(Case Number 02-00627-DDP-CTx) NECO has entered into a settlement agreement with
AES  NewEnergy,  agreeing  not  to  use  the  name  "New  Energy",  among  other
provisions.

ITEM 2. CHANGES IN SECURITIES AND USE OF PROCEEDS

     Pursuant to the  Acquisition  Agreement  with New Energy  Corporation,  Tor
Ewald,  the Company's  Secretary and Director,  was issued  1,667,000 pre -split
shares.  (The shares were subsequently  forwarded 6 for 1) The securities issued
in the  foregoing  transaction  were issued in reliance  on the  exemption  from
registration and the prospectus  delivery  requirements of the Securities Act of
1933,  as amended  (the  "Securities  Act"),  set forth in Section  3(b)  and/or
Section 4(2) of the Securities Act and the regulations promulgated thereunder.

                                     - 16 -
<PAGE>
ITEM 3. DEFAULTS UPON SENIOR SECURITIES

N/A

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

N/A

ITEM 5. OTHER INFORMATION

N/A

ITEM 6. EXHIBITS AND REPORTS ON FORM 8K

(a) Exhibits


2.1     Acquisition  Agreement  with New  Energy  Corporation  (Incorporated  by
        Reference on Company's Form 8-K filing of 12/03/2001).

3.1     Articles of Incorporation.  (Incorporated by reference on Company's Form
        SB-2 filing of 6/9/2000).

3.2     Amended  Articles  of   Incorporation   (Incorporated  by  reference  on
        Company's Form 8-K filing of 12/03/2001).

3.3     Bylaws  (Incorporated  by  reference  on  Company's  Form SB-2 filing of
        6/09/2000).

10.1    Lease between New Energy Corporation and La Jolla Apartment Center, LLC.
        (Dated January 17th, 2002). (Incorporated by reference on Company's Form
        8K/A filed on 5/15/02)

10.2    Energy  Purchase  Agreement  with Andrew M. Martin Co. (Dated March 5th,
        2002)  (Incorporated  by  reference  on  Company's  Form  8K/A  filed on
        5/15/02)

10.3    Assignment  Agreement between MegaWatt Energy Corporation and New Energy
        Corporation.  (Dated December 20th, 2001). (Incorporated by reference on
        Company's Form 8K/A filed on 5/15/02)

10.4    Technology  License  Agreement with MegaWatt Energy  Corporation  (Dated
        March 20th,  2002).  (Incorporated  by reference on Company's  Form 8K/A
        filed on 5/15/02)

                                     - 17 -
<PAGE>
(b)  Reports on Form 8K

Form                           Description                          Date
----                           -----------                          ----

8K                         Acquisition Agreement                 12/03/2001
                           With New Energy Corp.

8K                         Change in Address                     01/18/2002


                                   SIGNATURES

  In accordance with the requirements of the Exchange Act, the registrant caused
this  report to be  signed on its  behalf  by the  undersigned,  thereunto  duly
authorized.

                                    UBETIGOLF, INC.
                                    D/B/A
                                    New Energy Corporation

                                    /s/ John McDonald
                                    --------------------------------------------
                                    John McDonald/President
                                    Date: May 16th, 2002


                                    /s/ Matt Rogers
                                    --------------------------------------------
                                    Matt Rogers/Vice-President
                                    Date: May 15th, 2002


                                    /s/ Tor Ewald
                                    --------------------------------------------
                                    Tor Ewald/Secretary
                                    Date: May 15th, 2002

                                     - 18 -